Union Minister of Commerce & Industry and Civil Aviation Mr Suresh Prabhu met with a Saudi business delegation in New Delhi in February 2019. The Saudi delegation was led by Mr Kamel S. Al-Munajjed, Chairman, Saudi-Indian Business Council.

During the discussions Commerce Minster said that India’s energy security is ensured due to the continuous and uninterrupted supply of petroleum products from Saudi Arabia. But now it is time for both the countries to go beyond petroleum and diversify into new products, businesses and regions.

He said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa. Both Saudi Arabia and India have to now look beyond the Gulf region and explore new markets. The Commerce Minister welcomed Saudi investment in businesses like medical implants, agro- processing, education and other sunrise sectors and stated that this will not only help India but also benefit Saudi Arabia in expanding business opportunities.

Mr Prabhu informed that India too is looking to invest in Saudi Arabia so that the relations between the two nations are taken to newer heights. For this, eight working groups have been set-up to identify companies in Saudi Arabia and India who can work together.

Saudi Arabia is the 15th largest market in the world for Indian exports and is destination to 1.85% (2017-18) of India’s global exports. On the other hand, Saudi Arabia is the 3rd largest source (4.74% in 2017-18) of India’s global imports. For Saudi Arabia, as per 2017 data, India is the 4th largest market for its exports, accounting for 8.88 % of its global exports. In terms of imports by Saudi Arabia, India ranks 7th and is source of around 4.13 % of Saudi Arabia’s total imports.